Paying off a mortgage early is not difficult, and most people can make minor change in their finances resulting in cutting several years off their mortgage.
But in some circumstances, paying your mortgage off early doesn’t make the most financial sense.
JT Ripton recently wrote an article appearing in Zillow.com discussing 4 reasons it may not make financial sense to pay off a mortgage early. These reasons may or may not be applicable to you, but they’re certainly worthy of consideration.
- Prepayment penalties
- Not enough savings for retirement or a cash cushion
- Paying off other debts are a higher priority
- Use your mortgage to outlast inflation
Read the Zillow.com article: Can Paying Off Your Mortgage Early Damage Your Net Worth?